PNC Financial Services Group, Inc. (The) (PNC) Stake Decreased by United Services Automobile Association

United Services Automobile Association decreased its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 13.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 615,568 shares of the financial services provider’s stock after selling 98,440 shares during the period. United Services Automobile Association owned 0.13% of PNC Financial Services Group, Inc. (The) worth $74,016,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PNC. Manning & Napier Advisors LLC raised its position in PNC Financial Services Group, Inc. (The) by 2.5% in the first quarter. Manning & Napier Advisors LLC now owns 64,944 shares of the financial services provider’s stock valued at $7,807,000 after buying an additional 1,557 shares in the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in shares of PNC Financial Services Group, Inc. (The) by 2.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 470,023 shares of the financial services provider’s stock worth $56,515,000 after buying an additional 13,381 shares during the period. Bridges Investment Management Inc. bought a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth $204,000. Park National Corp OH raised its stake in shares of PNC Financial Services Group, Inc. (The) by 2.5% in the first quarter. Park National Corp OH now owns 21,167 shares of the financial services provider’s stock worth $2,545,000 after buying an additional 523 shares during the period. Finally, Philadelphia Trust Co. raised its stake in shares of PNC Financial Services Group, Inc. (The) by 1.7% in the fourth quarter. Philadelphia Trust Co. now owns 7,198 shares of the financial services provider’s stock worth $842,000 after buying an additional 120 shares during the period. 80.97% of the stock is currently owned by institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 1.07% during mid-day trading on Wednesday, hitting $127.95. 850,841 shares of the company traded hands. The firm has a 50-day moving average price of $124.06 and a 200 day moving average price of $122.19. PNC Financial Services Group, Inc. has a 52-week low of $81.35 and a 52-week high of $131.83. The firm has a market cap of $61.42 billion, a price-to-earnings ratio of 16.28 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the consensus estimate of $2.02 by $0.08. The firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. PNC Financial Services Group, Inc. (The)’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the business earned $1.82 earnings per share. Equities research analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 17th will be issued a dividend of $0.75 per share. The ex-dividend date is Thursday, July 13th. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.32%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is presently 38.12%.

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $2.70 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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PNC has been the topic of a number of research analyst reports. Jefferies Group LLC reissued a “hold” rating and set a $136.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, April 5th. Zacks Investment Research upgraded shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $133.00 target price for the company in a research report on Tuesday, April 11th. Hilliard Lyons upgraded shares of PNC Financial Services Group, Inc. (The) from an “underperform” rating to a “hold” rating and decreased their target price for the company from $127.00 to $123.00 in a research report on Monday, April 17th. Rafferty Capital Markets downgraded shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating and set a $121.00 price objective for the company. in a research report on Monday, April 17th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, April 17th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $121.57.

In other news, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the sale, the insider now directly owns 83,931 shares in the company, valued at $10,613,074.95. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.43% of the stock is currently owned by company insiders.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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